Zee Entertainment Challenges Sony's Merger Termination

Indian broadcaster initiates legal action, denies Sony's claims of breach of terms, and contests $90 million termination fee.

Zee Entertainment has urged Sony to withdraw the termination of their $10 billion merger and has initiated legal action to contest Sony's claims of breach of terms.
Sony terminated the merger plans after more than two years of negotiations, citing unsatisfied 'closing conditions' and seeking a $90 million termination fee from Zee for alleged breaches of their agreement.
Zee denies that Sony is entitled to call off the merger agreement and claims that Sony's demand for a termination fee is 'legally untenable and has no basis whatsoever.'
Sony has initiated a Singapore arbitration case against Zee, alleging breaches of their failed merger agreement.
Zee's share prices, which had crashed by more than 30% on the news of the failed merger, rallied 8% as traders took advantage of the dip and bought at the cheaper price.